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>> and fiscal standoff at the u.s. congress, with tax hikes and spending cuts. hello. you are watching aljazeera, live from doha. also on the program, bargaining for peace. an effort to end the conflict in afghanistan. a brazen protest in china. activists raid the home of their friend who is being held on house arrest. and ringing in the new year. in spectacular style. we will have a look at celebrations from around the world. welcome to the program. in less than five hours from now, the u.s. is set to fall over the so-called fiscal cliff. congress will not vote by the midnight deadline to avoid spending cuts and tax hikes due on january 1. talks will resume on tuesday. earlier, barack obama said an agreement to avoid this was in sight. >> for now, our most immediate priority is to stop taxes from going up for middle-class families starting tomorrow. i think that is a modest goal that we can accomplish. democrats and republicans in congress have to get this done, but they are not there yet. they are close, but they are not there yet, and one thing we can count on with resp
congress could restore spending cuts potentially. i don't think it ever happened in my lifetime. i have a few more yeast than you do. i don't think it happened that they actually cut anything. do you think that the fact republicans agreed to the tax increas that will get some kind of spending cuts? we keep hearing it is about spending, it is about spending. >> i think the hardest part to understand seems they have no skin in the ga. as a business owner and president of a company i have responsibility to as my clients and my employees and we make decisions that are fruitful and beneficial for the company with the money that we have. why doesn't the government have to do that? i feel very strongly that you know, we are held to some limitations. in fact it i against the law, if at times i was to spend more money than i actually have. doesn't make any sense. adam: no, it would make you a politician. >> absolutely. absolutely. there is no skin in the game. yeah, granted i have accountability. i haveaccountability to clients, employees, to produce the best product and service that we possibly
at the partisan deadlock over spending cuts and taxes. >>> with this congress, that was obviously too much to hope for at this time. >> reporter: the senate is still expected to vote on the package tonight. but the house has adjourned until noon tomorrow. kron four's dan kerman is here to tell us how this all unfolded and what going over the cliff means for many americans. >> reporter: the house's decision to delay the vote means unemployment checks for 12 million americans could stop or atleast be delayed. it could also mean that federal workers could be furloughed. >> it could also lead to layoffs of private sector employees that sell goods and services to the federal government. now earlier in the day the president was optimistic the cliff could be avoided. here's how the day unfolded. >> if republicans thing that i will continue deficit reduction with only spending cuts alone that is not how it is going to work. >> what he is saying to the republicans on both sides of the aisle, basically, to the house of representatives is take it or leave it. that is no our president should lead. that is not
fors, if you will to put off those cuts for two months to allow the next congress to figure out how to find more surgical cuts than essentially the automatic cuts that were due to kick in in january. now, there is a lot of back and forth. there is some things republicans don't like about this deal. some things those on the left don't like about this deal. i just heard from a prominent republican senator who thinks that the democrats will lose some of their most liberal members on this deal who are unhappy about the tax rate issue. they wanted it more to only extend the bush tax cuts to those making up to $200,000 or couples making up to $250,000. the number will be higher than that. bottom line, a lot of republicans in the senate feel like the rank and file democrats will likely fall in line and support the deal. so they think in the end that there will be the votes to pass the senate, bret. >> bret: so what if you can, judging from your reporting up there, tell us what vice president biden s really doing up there at the senate democratic caucus meeting? if all of these signals from
spending cuts in that bill. this will have to happen by noon thursday when this congress ends and the new one is sworn in or the whole thing starts over again. the sequestration cuts take effect as the tax cuts -- in fact, they have already taken effect. >> thank you. so what do americans think of the job that congress is doing to solve this fiscal crisis? agoal goal went out to find out. >> they don't think much of what is going on in the building behind me. we crossed the river into virginia and the fact that the fiscal cliff deal is still not done comes to no surprise from everyone you're about to hear from. we traveled to the north side social in arlington with one goal. we asked people for one word to describe congress. >> one word -- >> you guessed it, nonare flattering. >> dysfunctional. >> stubborn. >> silly. >> watching the 112th congress bicker its way through negotiationings leaves people lime tom disappointed. >> i'm adisappointed. >> people like katherine apathetic. >> it seems like a cycle of nonsense. >> it has gotten w
of the spending cuts. back drama. thursday is the re-election of speaker boehner and the new congress. >> it's possible this is the prelude to a channel thursday. it would be naked to do it. there are conservative in the republican caucus in the house who hate the bill. for good reason. this is a complete surrender on everything. the ratio of tax cut. or tax hike to spending cut is 40 to 1, rather than 1 to 1 or 1 to 2 or 1 to 3. a complete rout by the democrats. so it's understandable. i think what is likely to happen is that the leadership is going to look to get 218 it could secure to send the bill back to the senate. with equal number of spending cuts. boehner will have an open vote unwhipped, republicans will vote as they wish. they will probably be enough with all the democrats to pass this. add one thing. if the republicans vote it down, they to do it at the same time, they have to announce hr-1 introduced thursday. the first bill of the new congress. which i would say should be exact replica that you pass obama cut, pure tax cut, as we went over the cliff. do it on income tax, capita
in congress over tax cuts and spending. good evening, i'm cheryl jenning autos so we're going over the fiscal cliff. kregs leaders say they're going to save us from disaster. everyone wants to know will we ring in the new year with more taxes? >> well, we will. and this for a while, anyway. the bush era tax cuts will expire at the strofk midnight. by tomorrow it's expect there'd will be a deal to vote on this, afternoon, the president called supporters to the white house to say an agreement to extend the cuts for middle class is very close. >> preventing that tax hike has been my top priority. last thing folks like folks up here on the stage can afford right is to pay an extrao;ye6) 2,000s ndz taxes next year. >> vice president and hsh mitch mcconnell have been leading on negotiations to extend the increasest qlait tax rate from 35% to 40% and extend unemployment benefits one year. >> we need to pro teblgt american families and job creators from this looming tax hike. everyone agrees that that action is necessary. and i can report we've reached an agreement on tax issues. >> sticking point
to see what happens overnight. one of two things could happen. if congress does attach spending cuts, that bill is blown up and you can see markets really sell off tomorrow. if this is just punted along, markets could be a little bit more patient but patience is running out. and 401(k)s are being affected, as well. >> bianna, thank you. >>> we're going to turn now to secretary of state hillary clinton. doctors keeping a careful eye on mrs. clinton. we reported on their discovery, the blood clot right next to her brain. tonight, we know former president bill clinton and their daughter chelsea have been bill her side and the first message from chelsea on twitter. here's abc's sharyn alfonsi now. >> reporter: chelsea clinton leaving the hospital, where her mother will spend a third night. later optimistically tweeting, "thank you all for sending good thoughts my mom's way. grateful to all her doctors and that she'll make a full recovery!" but it's clearly a serious setback for the secretary. it's been three weeks since she was last seen in public, overseas where she picked up a bad stom
in front of us. the big cliff on all spending cuts. >> reporter: president obama had scolded congress for waiting so long. >> one thing we can count on with respect to this congress is that if there is even one second left before you have to do what you're suppose to do, they will use that last second. >> reporter: the bush era tax cuts remain in place for individuals earning as much as $400,000 a year and families $450,000 a year. for above the $250,000 level on which president obama campaigned on. but those making more will see higher income taxes, capitol gains, and dividend rates, plus a new health care reform surtax. san francisco tax attorney rob wood says you'll notice in your pay tax will be history. >> the average person earning $50,000 a year is going to pay about $1,000 more in payroll taxes in 2013. >> reporter: the fiscal cliff agreement increases taxes on the states worth more than $5 million. it extends unemployment benefits for one year and keeps the child tax credit for workers who don't earn enough to pay income taxes. the alternative minimum tax got a tax for inflat
obama said he wanted a grand bargain that dealt with taxes and spending cuts at the same time. >> but with this congress that was obviously a little too much to hope for at this time. >> reporter: house speaer john boehner has not yet publicly endorsed the deal. and even though congress did not meet the midnight deadline, tax cuts will be retroactive if the bill is eventually signed into law. terrell? >> tara mergener in washington, thank you so much. the bill also extends unemployment benefits for 2 million people. it prevents a 27% cut in fees for doctors who treat medicare patients. but many americans will see a tax hike because the bill does not affect a scheduled 2% increase in the payroll tax. it also kicked the can down the road on automatic spending cuts for the defense department and domestic programs. they've been postponed for two months. as lee cowan reports, that uncertainty has many business owners worried. >> reporter: jo ann vinute is running the numbers. her payroll is due this week. although she at least now has a hint on what taxes to withhold from her dozen
cuts, though it has to pass the house of congress in the next day and a half. it is uncertain. gary joins us now. >> reporter: taxes are going up for most workers because none of the deals being talked about stop taxes going up. for a working making $50,000 a year, that is a thousand dollars increase in your with holding. the income tax rates, there is a agreement to stop those for going up for 99%. there is a agreement to stop the big spending cuts from kicking in by kicking the can down the road a couple months. right now on the hill, outside the senate, they are waiting for word from vice president joe biden who is briefing the caucus on the deal that he reached with senate leaders and with the republican majority leader. they said a few moments ago that there will be a vote sometime before midnight tonight, no guarantee it will pass. whatever happens we are going over that cliff. >> happy new year. >> reporter: vice president joe biden met with democrats after 9:18 p.m. monday night to brief them on a agreement that would raise tax rates on individuals making more than $400,000
, again, was meant to force congress to act, but those cuts would have been very arbitrary and would have potentially helped tip the country back into another recession. so that's why they so wanted to avoid that. but at the same time, those cuts produce deficit reduction. it's been a complicated, long negotiation. there has been a lot of emotion on the line, a lot of strong political feelings that have been at odds. as you know, there have been a change of players. this began with the president and speaker boehner negotiating that fell apart. then it fell to the top leaders in senate, mitch mcconnell and the democratic majority leader put a call in to his old friend, joe biden, help us out, sort it out. joe biden, if he had remained a united states senator he would have been the most senior democrat in the senate. so he knows how this place works, and he has demonstrated a relationship and trust with people across the aisle that has helped put this together. there will be unsung heroes, if you will, in terms of staffers who have worked to hard to make it work. now, there will be members
in the last congress when later closing was speaker of the house. she had had 16 tax cuts signed into law to help small businesses grow and thrive. as we know, during the last 15 years, small businesses account for about 2/3 of the job growth in our country, but when the bush recession hits in 2009, 2010, small businesses were hit particularly hard. small businesses are the center of her agenda. congress under her leadership gave 27 million small businesses tax cuts. two main pieces of legislation -- the small businesses jobs act in the information you have, will create a total of 500,000 jobs and create eight tax cuts. they are all described in the packet you have. also, unleashing up to $300 billion in credit for small businesses to access. there are another eight tax cuts that were passed through a number of different laws. some of our panelists will address those. even though now we are in an environment where there is a republican majority in the house and a slimmer majority in the senate, please note that the leader and democrats are going fight hard to keep their agenda and restart
as the medicare doctors getting a pay cut every so often, congress goes back and fills it in, this involves that as well. >> is a vic the vice president g to do strong-arming or some dealmaking promises or is he just trying to rally the troops? >> a little bit of all three. the only part that appears to be outstanding at this point is the automatic spending cuts. $94 billion known as the sequester kicking in in 2013 through the entire year. democrats want to push that off. so wanted to find spending cuts elsewhere in the budget. that issue is still a bit of a problem. the tax part is something some democrats have a problem with it. >> is there any timetable for a scheduled vote? >> late into the evening if at all tonight. >> late into the evening if at all tonight. the champagne will stay in the refrigerator for all of us at fox business as we work this new year's eve to make sure you know at the very minute that happens whether or not the senate takes a vote on the deal to avert a fiscal cliff. we are going off the cliff but doesn't have to be as bad as some people have predicted. the late
. but it's not done. there are still issues left to resolve, but we're hopeful that congress can get it done. >> senate republican leader mitch mcconnell said the two parties had reached an agreement on taxes. they are believed to have agreed to extend tax cuts for middle income earners. people earning more than $450,000 per year will see their taxes go up. that's far higher than obama's original proposal. they have yet to agree to suspend spending cuts. the democrat led senate is expected to pass the bill on new year's eve. the republican led house says it will not vote on the bill before the midnight deadline. members of congress are expected to work on a stop gap measure to prevent any serious fiscal impact. the fiscal cliff has become a term many people even outside the financial markets are talking about. if the u.s. economy falls off this cliff, ripple effects are expected. >> reporter: the term fiscal cliff has been making headlines recently. here's a brief explanation. it's a term used to refer to the economic fallout that might occur because of policy divisions in the u.s. c
is within sight. but it's not done. there are still issues left to resolve, but we're hopeful that congress can get it done. >> senate republican leader mitch mcconnell said the two parties had reached an agreement on taxes. they are believed to have agreed to extend tax cuts for middle income earners. people earning more than $450,000 per year will see their taxes go up. that's far higher than obama's original proposal. they have yet to agree to suspend spending cuts. the democrat led senate is expected to pass the bill on new year's eve. the republican led house says it will not vote on the bill before the midnight deadline. members of congress are expected to work on a stop gap measure to prevent any serious fiscal impact. the fiscal cliff has become a term many people even outside the financial markets are talking about. if the u.s. economy falls off this cliff, ripple effects are expected. >> reporter: the term fiscal cliff has been making headlines recently. here's a brief explanation. it's a term used to refer to the economic fallout that might occur because of policy divisions in th
:00 p.m. the legislation keepthe bush era tax cuts for the majority of americans, all those in the middle class, raising taxes though oin comes over $4 -- though, on incomes over $400,000. it stops a scheduled $900 pay raise for congress that was scheduled to take place in march. let's listen to what some folks had to say last night. >> it would extend unemployment insurance to two million americans who are out there still actively looking for a job. >> this shouldn't be the model for how we do things around here but i think we can say we've done some good for the country. >> reporter: the senate did some good for the country. we'll see if the house approves their deal and really makes this a done deal for the country. however, the house does have some issue and a lot of folks say that this just delays the inevitable pushing us over the so-called fiscal cliff. so we'll have that side of the story coming up at 6:30. mike, andrea, back to you. >> delia goncalves reporting live from capitol hill. >> es it 16:04. jessica -- it 16:04. jess -- it is 6:04. jessica doyle is back wit
, those who do support this say we'll deal with spending cuts when the new congress gavels in on january 3rd. they would need significant democratic support and a good chunk of republicans to get this thing through tonight. >> is there hope some of the republicans will sort of come around on this? or are the dems and supporters of this bill hoping that desperation kicks in being markets open tomorrow and we still have no deal? >> basically. it is being posted for those who want this to pass for republicans. you're talking about what is now nearly 3.8, $3.9 trillion tax cut. republicans are now looking at a federal budget as we said, and federal tax code where tax rates have gone up on nearly every working american. so by voting for this package you are voting to cut taxes. by not voting for this package you're voting against a tax cut. there are other tax provisions in here that republicans, now that we have had the reset of all the tax rates, should be able to support. that is according to the supporters of this proposal. but still there are major problems from republican as they want the
finalized, and if passes congress, two big ifs, it would extend tax cuts for all workers under $400,000, prevent a big tax hike on estates under $5 million and extend unemployment benefits set to expire tomorrow for some 2 million people. so, the scramble continues tonight. congressional leaders trying to get to a deal that would pass both the house and the senate sometime over the next 24 hours or so, david. >> jon, stick with us here. i want to show the viewers at home that beautiful red and white crystal ball prepared to come down in times square tonight, blue and green, it changes colors as we look at it. the bottom line is, when that ball drops tonight, every american's taxes going up? >> reporter: that is exactly right. they will go up as of midnight. they are going to try to come back and fix it, but as of midnight tonight, everybody's taxes go up. >> all right, jon karl on the watch there at the white house. jon, thanks to you. >>> we're going to turn to the other developing story tonight, the ongoing health scare for secretary of state hillary clinton. she remains in a new
lower cut off, $250,000. but he claimed victory. >> keep in mind that just last month, republicans in congress said they would never greece to raise tax rates on the wealthiest americans. >> the house stands adjourned until noon tomorrow. >> john boehner said lawmakers home to celebrate the new year without a vote to avoid the fiscal cliff. >> it is disgusting, and everybody involved should be embarrassed. >> the economy could take a hit, but senate leaders spoke to counter that with the rare, strong bipartisan vote. >> house republicans could still reject the deal to keep america off the cliff. steve handelsman, debby l. tv 11 news. >> with all that said, we still need -- tv 11 news. >> we are still about an hour away from january 1, 2013. one of the hot spots to be tonight is the inner harbor. sarah samson joins us live from there. i assume the excitement is still building down there. >> absolutely. the crowds have been picking up over the last hour or so. there is lots of enthusiasm out here, with less than 60 minutes to go before downtown baltimore wellcome's 2013. whether they
and spending cuts at the same time. >> but with this congress, that was obviously a little too much to hope for at this time. >> reporter: house speaker john boehner has not yet publicly endorsed the deal. tara mergener for cbs news, washington. >>> about a million people from all over the world got the times square treatment as new york's huge crystal ball dropped into the new year. one of the crystal panels on the ball had dick clark's name engraved on it. this was the first new year's celebration since the long-time host passed away earlier this year. >>> and no fog this year. it was perfectly clear night for fireworks along the waterfront here in san francisco. spectacular, it's beautiful out there. a lot of people showing up for the 15-minute display jammed the streets near the embarcadero. when it was all over, some are still working their way out of the city right now. but there was some violence during the new year's celebration. cbs 5 reporter cate caugiran is here in san francisco with the problems the police had with the new year's crowd. >> reporter: good morning, frank. last ni
. about $24 billion in spending cuts would be delayed for two months so the white house and congress can have more time to debate them. vice president joe biden came to will capitol shortly before midnight to help sell the deal. president obama released a statement shortly after the senate vote. it reads in part "tonight's agreement ensures that going forward we will continue to reduce the deficit through a combination of new spending cuts and new revenues from the wealthiest americans. i will continue to fight every day on behalf of the middle class and those fighting to get into the middle class to forge an economy that grows from the middle out, not from the top down." >>> that vote may not come right
a hit if the fiscal cliff is not averted. reimbursements to doctors will be cut by nearly 30% beginning today because congress may have failed to make the adjustments for medicare payments. it could mean more doctors refewing to treat medicare patients. >>> 2013 will be remembered as landmark year for same sex couples and many couldn't wait to get to city hall at the stroke of midnight. today is a big day as same sex marriage can officially happen in the state. sherrie johnson is live downtown where couples were lined up to say their i dos it was a big morning for many. >> reporter: that's right. a little after midnight 7 same sex couples gathered right here in downtown baltimore at city hall to say their eye dos. this is definitely a historic day for maryland. the couples waited patiently at city hall to say their vows. baltimore mayor stephanie rawlings-blake hosted some of the marriages for same sex couples and perform the first ceremony. couples brought friends and family to take part in the historic ceremony. new year's day has a new meaning for many couples who can have the right
with this congress. many think too much. he has cut in the steel and wanted $1.2 trillion and is walking out with $600 billion. host: a democratic caller from florida, pete. caller: i do not know why everybody is so gloom. the owners in this country should be happy. you still keep your tax cut. you know these people, bain capital, mitt. are loaded with accounts they do not pay taxes on. the country has lost jobs. apple computer does not pay taxes. they are laughing. people that lost their jobs are held hostage. a ceo knows darn well, i'm going to make my profits and so the bottom line to my shareholders is a home run. i stood in line for mr. obama to vote for him. i'm kind of disappointed. he should show those eight senators that voted against this to ask them why. they bring a bunch of millionaire senators saying why we have to sacrifice and laughter the poor and in comments. they never talk about the cayman islands bank accounts where they are able to laugh like crazy. host: here are the senators that voted no this morning. you have three democratic senators, along with republican senators
spending. >> we are taking up a bill that won't do anything to cut spending. i am embarrassed for this generation. the future generations deserve better. >> if the house kills the bill the widespread contempt for congress will only grow. >> to have negotiated at this level of detail to come so close to the goal line and not be able to go over it. >> wall street is desserted today. but when the markets return from their holiday their reaction to the spectacle of american democracy in action will be critically important. how shake sethis deal looking? >> i think it is pretty shaky at the moment. the republicans in the house of representatives announced in 10 minutes time they will hold a meeting or a conference call to decide what to do next. the position is that the number two republican has said he can't back this deal. not unless there are big changes making cuts in spending. the republican leader, we don't know. john boehner hasn't said whether he will bring it to a vote or try to make changes and spend it off to the senate again. this deal that everybody says is so importan
prospects for passage there dimmed. congress began the new year having missed its deadline to keep tax cuts from rising back to 1990's levels for most americans. and to prevent across-the-board spending cuts. instead, house republicans and democrats spent much of the day mulling a bill that cleared the senate shortly before 2:00 a.m. >> the yeah's are 89. the nays are 8. 60-vote threshold having been achieved the bill as amended is passed. >> woodruff: the senate bill makes permanent the bush era tax cuts for 99% of families, those with incomes under $450,000 a year. anything over that amount would be taxed at a rate of 39.6% up from the current 35. the agreement would raise the estate tax on large estates to 40%. but the payroll tax cut of the last two years would expire. the bill also extends unemployment benefits for a year and it stops a cut in medicare payments for physicians. the senate vote was a rare show of unity welcomed by leaders of both parties. >> as i said, this shouldn't be the model for how we do things around here. but i think we can say we've done some good for the countr
leaders who cut this deal call it imperfect and many members of congress on the floor today, democrat and republican, cannot have agreed more. >> a new year's deal for new year's day or groundhog day. like the movie groundhog day, this government in two months will arrive at another crisis of debt, of spending and taxes. our debt-based economics system with its exponential growth of debt due to compounded interest consigns us to massive unemployment, threats to the social safety net, a deteriorated infrastructure, a psychology of poverty amidst plenty. austerity. congress must regain its full power accorded under the constitution. >> congress is addicted to spending money. maybe congress should join spending anonymous. here's the 12-step plan. one, congress should admit it is addicted to spending someone else's money. two, make a list of the wasteful spending. three, pass a yearly budget and a constitutional balanced budget amendment. four, stop giving money to countries that hate us. five, have the resolve not to spend money we don't have. six, don't contribute to the addiction by ta
to on this is disgusting. >> reporter: president obama said he want taxes and spending cuts at the same time. >> but with this congress that was a little too much to hope for at this time. >> reporter: house speaker john boehner has not publicly endorsed the deal. tara mergener for cbs news, washington. >> now, the house is set to reconvene today at 9 a.m. pacific time. a house vote is expected today or tomorrow. >>> what a night. no fog this year, perfectly clear last night for fireworks along the waterfront here in san francisco. it's beautiful out there. a lot of people showed up for the 15-minute display and jammed the streets near the bob barker. when it was all over, i think most of them are still out there, it was crowded getting into work today but there was some violence during the new year's celebration here in the city. cbs 5 reporter cate caugiran is in san francisco with the problems police had with the new year's crowd and has the latest. >> reporter: good morning. happy new year. san francisco police had their hands full because some celebrations did not go as planned. there w
with taxes and spending cuts at the same time. >> but with this congress, that was obviously a little too much to hope for at this time. >> reporter: house speaker john boehner has not publicly yet endorsed the deal. >>> the white house issued a statement after this morning's senate vote. in part it reads while neither democrats or republicans got everything they wanted, this agreement is the right thing to do for our country and this house should pass it without delay. >>> a local police department is starting the new year in mourning. a warrenton father leaves behind three grieving children and saddened neighbors. >> reporter: officer chris young was on his way to another call when this terrible crash happened right here behind me in bristow. it was really sad and hard for our families. the kids all played together. chris was always running around playing flashlight tag with the kids. always had a smile on his face. just a great guy. >> reporter: friends remember officer chris young. the married father of three wawr a motorcycle officer on his way to a crash driving on nokesville road a
and they are permanent and it will take a big move by the congress to move us off that rate in the future this is a big -- a big win for the white house, $600 billion in revenue with no spending cuts and we go to round two as the calendar takes us to the next phase of all of this. i think it's a big win for the white house, something the republicans know they have to take, know there has to be more revenue in the treasury and willing to fight for another day on spending cuts. >> i want to read this statement that came out from house speaker john boehner, majority leader eric cantor and kevin mccarty. kathy mcmorris rogers entereded this statement. the house will honor the statement to consider the senate agreement if it is passed. whether the house will rescind or properly amend the measure won't be met until they and the american people can review the legislation. >> what do you think the chance is with both parties not happy with the compromise reached. what do you think the chances are that it will pass, probably in the senate but not run into trouble in the house? >> you heard vice president biden.
for a p tax cut. and then one interesting vo ini members of congress, they are told by the leadership in the house republican side that they are too for the rest of the night remain in an accessible state. i'm told that they were not talking about their physical location. they were told to be prepared to have to vote later on this evening i should say, larry. >> not to speak of their enebriation. >> that is correct. at some point they may have to send out the mp's. >> i love that. me, i haven't had that in close to 18 years god bless. >> and you are a better man for it. >> you are sweet. let's move on. here is an update from an old friend and pair of ours, author of "beyond outrage" and steve moore, i guess robert reich attacks things, but why is it your democratic friends never want to cut spending and never want to shrink the government? why is that? >> i think a lot of documents are willing to cut spending that maybe you would agree with, larry. the problem with this bill, the biggest problem is it doesn't deal with the debt ceiling. we are going to have trench warfare and this is
the bat -- the fiscal cliff, all reports are that congress can retroactively prevent the tax hikes set to begin today. it has one more day to prevent automatic spending cuts that take in on wednesday. our coverage of this class continues this morning on "washington journal." if you want all along, go to c- span.org/fiscalcliff. we will begin with your take on this emerging deal. democrats -- republican -- independents -- remember to send us a twit -- a tweet at twitter.com. facebook.com/c-span. or at c-span.org. the senate voted around 2:00 a.m. eastern time. here are the senators that voted no. michael bennet, democrat of colorado, along with senator tom carper, democrat of delaware, senators grassley, harkin, as well as these four republicans, senators lee, paul, rubio, and shelby. not a boating were senators jim demint, the republican of south carolina. he is retiring. senators kirk and lautenberg as well. here was the reaction from all four house republican leaders. it put this out in a joint statement. here is what they had to say -- the house will honor its commitment to consider
. a decision on spending cuts has been delayed until march. stock markets begin the new year on wednesday when washington will find out what wall street thinks of congress' last ditch compromise. >> we will talk more about this latest deal. for that i am joined by our business correspondent. as we heard hard fought compromise in the senate at least but not everybody seems to be too satisfied. >> it is a compromise. both sides had to withdraw from their original positions. democrats wanted to raise taxes for yearly family incomes starting at $25,000. now it has been pushed to $450,000. if you look at the republicans they preferred to not raise any taxes at all. that idea did not succeed at all. but there is a feeling of relief that the deal has been reached. you have to keep in mind the compromise needs to pass the house of representatives with the republican majority. >> if it does pass will it be effective and solve the budget problem in the united states? >> no. major issues have not been addressed so far. if you look at the questions of automatic spending cuts and other federal programs the
to adjourn until tomorrow. and yet despite this decision, we are hearing that. though a day late. congress and the white house have reached a deal. kron 4's dan kerman is here with the very latest on this developing story. >> reporter: the bush tax cut expire at midnight, and if nothing is done, taxes go up for middle class americans. that is what everyone is trying to avoid. late monday evening vice president joe biden and senator harry read headed to the capitol to brief democrats on a deal worked out between congressional leaders and the white house to prevent across the board spending cuts and tax hikes. >> i think that this is a modest goal that we connect ambush. democrats, republicans in congress set to get this done. this is a modest goal that we can accomplish. >> reporter: for a tax hike for couples earning more than 450-thousand dollars a year. that's a compromise. between what the president wanted and what republicans wanted. the deal also calls for the extension of unemployment benefits and sources say the deal also delays by two months the automatic across the board spending
but raise rates on families making over $450,000 a year. president obama campaigned for a lower cut off. $250,000. but he claimed victory. >> keep in mind that just last month republicans in congress said they would never agree to raise tax rates on the wealthiest americans. >> reporter: but house speaker john boehner and his gop lawmakers might still not agree. >> the house stands adjourned until noon tomorrow. >> boehner sent house lawmakers home to celebrate the new year without a vote to avoid the fiscal cliff. >> listen, this is disgusting. and everybody involved should be embarrassed. >> off the cliff at midnight the economy could take a hit but senate leaders hope to counter that with a rare, strong, bipartisan vote. house conservatives could still reject the plan and keep america from climbing back up the cliff. i'm steve handelsman, news 4, capitol hill. >> again the senate is expected to vote on those bills sometime late tonight or early tomorrow morning. top democrats say it will have their support. tomorrow at noon could be where we really find out if the deal holds up. stay
wanted to dole with taxes and spending cuts at the same time. >> but with this congress, that was obviously a little too much to hope for at this time. >> reporter: house speaker john boehner has not yet publicly endorsed the deal. now, the house reconvenes at midday but lawmakers say, frank, they plan to study this bill hard before they take a vote. they say the senate has had months to get a bill passed and they are not going to rush to get anything done. >> there is word, tara, that some republican lawmakers are upset about something the president said. could that effect support of the bill? >> reporter: it might. president obama chastised in his speech congress for taking too long to get the deal done. but he also threw something out at republicans saying if they think that spending cuts is the only thing that's going to reduce the deficit, they have another thing coming and that basically references the $16.5 trillion in debt which is the next issue on the table. a lot of republicans were offended and it could antagonize enough of them to jeopardize an "up" vote on
unemployment benefits for some 2 million people. since congress missed the deadline last night, technically the country has already gone over the fiscal cliff. the bush-era tax cuts have expired so everybody's tax rates have gone up but if a compromised bill is passed, retroactively they can pass it. >> this represents the least we could have done under these circumstances. >> it fails to address the mortal threat -- uncontrolled spending. >> reporter: there's one deadline they cannot ig know. >>> the new congress begins monday at 12 p.m. karen travers, abc news washington. >> we have more at abc2news.com. just head to our home page and look for the featured stories. >>> all right. a lack at maryland's most powerful radar. very little of that precipitation has made its way north. all of it well, well south. conditions are still dry. clouds are holding tough around the area. that storm is staying south and still pretty cloudy around here. again, we stayed nice and dry. upper 30s in reisterstown, hick core ri and man chester. 42 in pape pea. cloudy and dry, getting cold. colder still as we go
that kept even most members of congress in the dark. the white house and senate leaders have been trying to beat a deadline they created to stop massive tax increases and automatic spending cuts that could trigger another recession. but one breakthrough did come today. >> i can report that we've reached an agreement on all of the tax -- the tax issues. >> reporter: a genuine compromise on taxes. most notable, rates would go up for couples earning above $450,000 a year. and today the same for everyone else. but they are divided over how much and how soon to cut government spending. and people are frustrated. >> sometimes you wonder, is it all just for show, or, you know, what's really going on behind closed doors? >> reporter: come midnight, your takehome pay shrinks. income taxes go up for everyone. roughly $2,400 next year for a family making 50 to $75,000. the 2% payroll tax break ends, costing an average worker another $1,000 a year. higher taxes on savings and investments. families will pay more on large inheritances. and for those on hard times, out of a job longer than six months,
to decide what to do with the planned $24 billion in spending cuts and that will come right about the time that congress has to deal with yet another bruising debt ceiling battle. >> all right. thank you. >>> why do you think lawmaker waited until last minute? there is a lot of questions surrounding that. we are getting a lot of feedback on our facebook page. >> william have bad hotwood says it was to, quote, act like they are doing something for their already overrated salaries. they do this almost every year. we need to force them to change the way they work us for. share your commends our facebook page. >>> still ahead this new year's morning. >> so, a deal has been reached mentioned in the senate. that doesn't mean the tension is gone. we'll take a look at what new year's resolution lawmakers may want to consider when we come back. (woman) 3 days of walking to give a break cancer survivor a lifetime-- that's definitely a fair trade. it was such a beautiful experience. (jessica lee) ♪ and it's beautiful (woman) why walk 60 miles in the boldest breast cancer event in history? because y
federal agencies will also hit the military. those spending cuts referred to as the sequester there is a move now to delay that for two months. what that would do is it would allow congress more time to look for alternatives that wouldn't be so draconian to make additional cuts that would not be arbitrary, but would be more well thought out. both parties would like to achieve that they're looking at a possible delay of two months. the problem with that is to delay it meeans the cost of the two months is to add to it the deficiency. they're looking for other ways to offset that cost. the argument here all trying to come down to deal with the long-term deficit. so any move that in effect adds to the deficit really undoes all of the work they're at. so it's an unusual night. there are pizza boxes around there are people who aren't normally here there are at least a handful of senators who are celebrating anniversaries that i've spoke to either tonight or tomorrow with spouses who are near or far. so it's an unusual atmosphere. it is still possible they say to get some kind of an
they will cave if we go over the cliff, swear in a new congress, the house passes the bill with rates at 700,000, now i agree. >> that won't happen. >> the republicans in the house want. they are -- what they want is a lot more spending cuts. >> right. >> they want to deal with entitlement spending, domestic spending, not defense spending but they want to deal with spending. here's the question for both of you. how much trouble is john boehner in as the speaker of the house? >> i actually -- i actually don't think that john boehner is going to be in that much trouble this year. i don't think when his speakership comes up for a vote that he will be in trouble. i don't see anyone else lining up to take his job. >> perhaps in the last few hours we may have seen -- >> i just interviewed darrell issa and he says that he's with eric cantor. >> so that might be changing but i do think that john boehner has certainly lost control of his caucus. but frankly, they might want a weak leader because then they think they can control him. >> it's the second poke in the eye. he had plan b and now the pressu
on with respect to this congress is that if there's even one second left before you have to do what you're supposed to do, they will use that last second. >> reporter: the bush era tax cuts remain in place for individuals earning as much as $400,000 a year and families $450,000 a year. far above the $250,000 on which president obama campaigned. those making more will see higher income taxes, capital gains and dividends rates. san francisco tax attorney rob wood says you will notice on the paycheck one popular tax cut will be history. >> say the average person earning $1,500 a year will earn $20 more in tax increases. >> reporter: it extends unemployment benefits for one year and keep the child tax credit for workers who don't earn enough to pay income taxes. and the alternative minimum tax got a tax for inflation. that shields an average of $300,000 each in higher taxings. get ready for a confusing tax season. >> it's very likely that people will not be able to file on time and not be able to get the refunds and that the computers will not be all set up to take in account the new laws t
to be the same time that congress is going to have to once again decide how they're going to defer these a draconian spending cuts that was decided the last time we voted on the debt ceiling. so all of this time is going to come together and you add one more thing to it and that is the appropriations bill, the spending bill. it expires in march. so you have these three things happening in march. it's just going to lead to another grand bargain, drama-style negotiation and whether or not they come with if comprehensive bill to reform some of the entitlement programs, to reduce government spending, to simplify the tax code, all of the things we heard them talk about our political leaders in washington over the last year and a half. that will be the next chance they have to do that to come together, if you will. to either fight or come together in the grand bargain style agreement. but joe biden tonight, telling democrats behind closed doors when he met with them here on capital hill, he expects a donnie brook when he expects those things to pass. >> we will keep an eye on everythin
jobless, prevents a 27 perrent cut innfees fr &pdoctors who treaa medicare patients and prevvnts a spike in milk prices. a last-minute additioo would also prevent a pay raise for members of congress from lawmakers are rrlievee thht phey ffnally reached an agreement. whole sot: working through the &pnight... weeve reached a deal.... ..... this legislation doos that that whole sot: we can say we've done some good or the country.... through... repuclibans arr eady for &pfor the house is expected ttovote on the proposal either today or tomorrow. cliff... llwmakers also have ceiling.the u-s rrached it's legal borrowing limit of 16-point-4 trillion dollars yesterday.the treasury department is taking measurrss to buy time until the end of february.they include... suspending some investmenns in peneeit funds for fedeeal worrers.but after that... the &ptreesury will not be able to in full... and on timm.s bills congress would have toovote n raising the debt ceiliig... setting the stage for another fight n capital hill. even though gas prices nevee went higherrthan they did back in 2008... g
gains go down because people cut back investments which hurts the entire economy. what say you? >> this is about the art of compromise. when congress waits until the last minute to address a bill here we are january 1st and they are addressing a bill that expired last night. >> you mentioned the debt kreeging we hit it yesterday. we had security measures in effect. that will put it off for two months. but then we will be right back here at the bargaining table. our credit rating dropped the last time we had this debt ceiling debate. is the >> no question we will be back in two months having this discussion. credit rating is in trouble. congress has to look at the spending side. the bill does nothing for spendi spendispend. that matters to americans because it effects every sij american by having a higher interest rate. it's very important. both sides were together cooperating and finding a way to cut spending. >>> thank you soichl. so much. >> thank you. happy new year. >> 48 after the hour with the new year come a slew of new laws including some that could surprise you such as
of this deal, instead, they will be taxed to 20%. that is a huge cut for the extremely wealthy. and it is only the kind of thing that congress could do if there was no organized labor opposing it. because you have the investment class on one side, and nobody kind of making the case for higher taxes on dividends. so the afl doesn't like thchis. but there is not going to be a lot they can do to stop it. and the dirty secret in congress is that the democrats didn't exactly cave on the 250,000 limit, they sort of pretended to cave. there were scores of democrats on capitol hill that didn't want the tax level to be at 250. they're much happier with 400 and 450. steve israel was on your network earlier today. he said as much, it is nice to give it as a concession, but i frankly wanted it to be a higher level. diane feinstein said the same thing, chuck schumer, there is a huge amount of democrats that don't want taxes to kind of rise on this upper middle class that makes between 200 and $400,000, this is the circle they run with. this is not a cave, a kind of fake cave in that sense. >> okay, well, "
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